The new indirect taxation regime subsumed all the earlier taxes into one. Following the vision to unify the Indian taxation system, the government launched the new indirect taxation regime on July 1st, 2017. However, most of the businesses have registered under the regime but still face compliance issues. The technological glitches in the Goods and Services Tax Network have also made the entire taxation system sluggish. The fortunate advent of the compatible and robust taxation software and tools in the market has eased the process of GST for millions of Indian taxpayers.
The Availability of The Tool in The Market
In order to do the taxation right, you would have to take the assistance of the technology. The error-free GST compliance is highly tedious because of the complexity and extensiveness of the Goods and Services Tax Act. A highly integrated GST reporting tool not only eases the taxation processes like the liable tax calculation and filing returns but also makes them cost and time-effective. But before investing in any available tool in the market, you must look for these functions:
- Integrated calculator– A high-end calculator will help your business with the tax calculation that is the utmost important process under any taxation system. With the calculations done right, you can easily escape the hassles of re-payment or penalty for the wrong payment of taxes. And since Goods and Services Tax Act is destination-based, the calculation of the taxes requires the taxpayer to properly comply with the applicable product codes as well. Hence, the automated system of the GST reporting tool makes the tax calculation easy and convenient.
- Automated return filing mechanism– Most of the GST tools available in the market does not have the automated system to file returns. Once you set your mind to buy a taxation tool, you must look for an automated one. Since there are thousands of invoices are involved in the return filing process, the automated system of invoice entry will make the process hassle-free. The system would retrieve the information from the prior entries made in the software and fill it in the return form. Along with the automated return filing mechanism, the tool also must support all types of GSTR forms.
The Indian businesses would experience the most simplified taxation system once they will start taking the proper assistance of the technology. With the correct returns filed and tax paid, the credibility of the business remains intact in the market and it eventually grows as well. And since the Goods and Services Tax Act is still evolving, the combined effort of the taxpayers and the government would streamline the taxation system before the expected period of time. The regime has gained its momentum as more than 1.03 crore Indian taxpayers have registered under the regime. Soon the government, with processes like the e-way billing system and anti-profiteering measures, would also put an end to the tax evasion in India.